Idacorp, Inc. · NYSE:IDA
Idacorp — Investor Presentation (September 2025)
46 slides from Idacorp's investor presentation, Sep 19, 2025
Slide 1: Investor Outreach September 2025
Investor Outreach September 2025 Exhibit 99.1
Slide 2: Cautionary Statements
Cautionary Statements Information Current as of July 31, 2025 Except as expressly noted, the information in this presentation is current as of July 31, 2025 – the date of filing IDACORP's and Idaho Power’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 - and should not be relied u
Slide 3: Table of Contents
Table of Contents Key Investment Highlights 1 IDACORP Profile 2 IDACORP at a Glance 3 Idaho Power Company Overview 4 Idaho Power’s 2024 Energy Portfolio 5 Growing Common Stock Dividend 6 Idaho Economic Snapshot and Growth 7 Growing Load and Customer Growth 8 Large-Load Customer Construction Site 9 L
Slide 4: Key Investment Highlights
Key Investment Highlights Regulated Earnings Supports Steady Earnings & Cash Flow Profile • 98%+ of earnings driven by regulated utility operations • 17 years of consecutive earnings growth achieving a ~7% EPS CAGR since 2007 • Total return is further supported by historic dividend growth at ~8% CAG
Slide 5: IDACORP Profile
IDACORP Profile • Core electric utility – focused on our core business • Sustained strong customer and load growth in the service area, with future acceleration from residential and industrial growth • Executable capital program of growth and reliability-driven infrastructure – a diverse set of inve
Slide 6: IDACORP at a Glance
IDACORP at a Glance IDACORP Financial Snapshot(1): • Revenue: $1.83 billion • Diluted earnings per share: $5.50 • Annualized Dividends per share: $3.52 • Return on Average Equity: 9.3% • IPC PP&E, net: $6.5 billion Company Quick Facts(2): • Vertically integrated energy company • 3.8 GW of generation
Slide 7: Idaho Power Company Overview
Idaho Power Company Overview(1) A-14 (1) As of August 2025.
Slide 8: Idaho Power's 2024 Energy Portfolio
Idaho Power’s 2024 Energy Portfolio* *Because we sell the renewable energy credits associated with our renewable energy and participate in the wholesale energy market, the overall mix does not represent the energy delivered to customers. Source: U.S. Energy Information Administration. Total may not
Slide 9: Growing Common Stock Dividend
$0.30 $0.33 $0.38 $0.43 $0.47 $0.51 $0.55 $0.59 $0.63 $0.67 $0.71 $0.75 $0.79 $0.83 $0.86 $0.88 $1.20 $1.32 $1.52 $1.72 $1.88 $2.04 $2.20 $2.36 $2.52 $2.68 $2.84 $3.00 $3.16 $3.32 $3.44 $3.52 Q4 2011Q1 2012Q4 2012Q4 2013Q4 2014Q4 2015Q4 2016Q4 2017Q4 2018Q4 2019Q4 2020Q4 2021Q4 2022Q4 2023Q4 2024Q4
Slide 10: Idaho Economic Snapshot and Growth
Idaho Economic Snapshot and Growth Moody’s GDP Growth Projections for Idaho Power’s Service Area: • 2025: 4.5% • 2026: 3.7% 2.5% (Year-over-year) Idaho Power Customer Growth 7 600,000 610,000 620,000 630,000 640,000 650,000 660,000 2021 2022 2023 2024 2025 *Source: Economic Modeling Specialist Inter
Slide 11: Growing Load and Customer Growth
Growing Load and Customer Growth 5-Year Forecasted Annual Growth Rate 20-Year Forecasted Annual Growth Rate Retail Sales (Billed MWh) Annual Peak (Peak Demand) Retail Sales (Billed MWh) Annual Peak (Peak Demand) 2025 IRP 8.3% 5.1% 2.7% 1.9% 2023 IRP 5.5% 3.7% 2.1% 1.8% 2021 IRP 2.6% 2.1% 1.4% 1.4% 2
Slide 12: Large-Load Customer Construction Site
Large-Load Customer Construction Site 9
Slide 13: Large-Load Customer Construction Site
Large-Load Customer Construction Site 10
Slide 14: Boardman-to-Hemingway
Boardman-to-Hemingway Broke ground in June of 2025 • OPUC, IPUC, and WPSC granted respective certificates of public convenience and necessity • Idaho Power’s interest in Boardman-to-Hemingway (B2H) is ~45% • Long-term transmission service commitment to Bonneville Power Administration’s customers acr
Slide 15: Other High-Voltage Transmission Project Updates
Other High-Voltage Transmission Project Updates • Gateway West – Included in 2025 IRP – Idaho Power and PacifiCorp are coordinating construction and segment allocations • Southwest Intertie Project – North – Construction expected to begin as early as 2025 and take approximately two years to complete
Slide 16: 2025 IRP Preferred Portfolio and Action Plan
2025 IRP Preferred Portfolio and Action Plan* *The table above comes from the 2025 IRP page 5. Link: 2025 Integrated Resource Plan • Flexible Resources Needed – 450 MW of new gas in 2029 and 2030 • Additional Capacity Resources Needed – 355 MW of peak capacity resources in 2028 and 2029 • Continued
Slide 17: 2025 IRP System Peak Forecast
2025 IRP System Peak Forecast* *The graph above comes from the 2025 IRP Appendix A Sales and Load Forecast page 10. Link: 2025 Integrated Resource Plan Appendix A: Sales and Load Forecast14
Slide 18: Request for Proposal Update
RFP Update(1)(2) Year Owned Contracted CEYW(3) 2023 120 MW BESS 40 MW Solar 2024 96 MW BESS 100 MW Solar 2025 80 MW BESS 150 MW BESS 200 MW Solar 2026 250 MW BESS 200 MW Market Purchase 125 MW Solar 2027(4) 100 MW Solar; 100 MW BESS 320 MW Solar 2028 Final shortlist acknowledged by OPUC March 2025 2
Slide 19: Capital Expenditures Forecast
Capital Expenditures Forecast(1) 2025 – 2029 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 2025 2026 2027 2028 2029 $ M ill io n s New Capacity & Energy Resources ($0M-$463M) Distribution ($216M-$262M) High Voltage Transmission ($190M-$406M) Transmission (
Slide 20: Total System Rate Base Growth Forecast
$4.6B $0.4B(2) $1.2B $1.7B $2.1B $0.7B $0.5B $0.7B $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 $6.5 $7.0 $7.5 $8.0 $8.5 $9.0 $9.5 $10.0 $10.5 2024 2025 2026 2027 2028 2029 R at e B as e in $ B ill io n s 2024 2025 -2029 HCC Construction work in progress (CWIP) estimated year-end balance Total System Rate Base Gro
Slide 21: Total Retail and Residential Average Rates
Total Retail and Residential Average Rates Average Rates (cents / kilowatt-hour) (1) Edison Electric Institute “Typical Bills and Average Rates Report” 12 Months Ending 12/31/2024. Total Retail Residential $0.06 $0.07 $0.08 $0.09 $0.10 $0.11 $0.12 $0.13 $0.14 $0.15 $0.16 2020 2021 2022 2023 2024 Ida
Slide 22: Idaho General Rate Case
Idaho General Rate Case • Filed with the IPUC on May 30, 2025 • Rates requested to become effective January 1, 2026 • Request includes: – Increase of $199.1 million, or 13.09%, in total Idaho-jurisdictional revenue – 10.4% Idaho-jurisdiction ROE and a 51% equity ratio – Authorization to establish a
Slide 23: Earnings Support & Revenue Sharing Mechanism
Earnings Support & Revenue Sharing Mechanism (1) Pursuant to the 2023 Settlement Stipulation, Order No. 36042, effective January 1, 2024. The illustration depicts the expected benefit of the mechanism. The 2023 Settlement Stipulation removed the existing $25 million annual cap on the amount of accel
Slide 24: Liquidity Profile
Liquidity (millions) As of June 30, 2025 IDACORP(1) Idaho Power Net balance available(2) $ 100.0 $ 400.0 Liquidity Profile (1) Holding company only. (2) IDACORP’s and Idaho Power’s respective $100 million and $400 million revolving credit facilities, expiring in December 2029, net of commercial pape
Slide 25: Financing Plan Forecast
$3,300 $(1,200) $1,400 $2,200 $(140) $(5,800) $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Net Cash from Operations Issued Repaid Capital Expenditures(3) Dividends ----------------------Debt ---------------------- Equity Content ------------------------Equity ------------------------ $ M ill io n s
Slide 26: Debt Maturity Profile and Credit Ratings
Debt Maturity Profile and Credit Ratings ($ Millions) – as of September 22, 2025 $ 1 1 6 $ 8 0 $ 1 2 3 $ 7 0 $ 4 0 5 $ 6 0 $ 2 4 0 $ 1 0 0 $ 1 0 0 $ 1 3 5 $ 2 5 0 $ 1 2 0 $ 4 5 0 $ 4 6 2 $ 3 5 0 $ 4 0 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 20
Slide 27: Wildfire Risk Mitigation
Wildfire Risk Mitigation Quantifying Wildfire Risk • Leveraged a consultant to model wildfire risk relative to Idaho Power’s service area • Of 24,000 square mile service area, only 11% of transmission lines and 9% of distribution lines are in wildfire risk zones • Much of the service area is compris
Slide 28: New Wildfire Standard of Care Act
Idaho - Senate Bill SB 1183 went into effect in July 2025(1) • The law provides further clarity as it relates to utility wildfire liability, while ensuring utilities operate in a manner that reduces wildfire risk. – Requires electric utilities to develop wildfire mitigation plans and submit them to
Slide 29: Appendix
| Appendix
Slide 30: 2025 Earnings Per Share Guidance and Estimated Key Operating Metrics
2025 Earnings Per Share Guidance and Estimated Key Operating Metrics Current(1) Previous(2) IDACORP Earnings Guidance (per diluted share) $ 5.70 – $ 5.85 $ 5.65 – $ 5.85 Idaho Power Additional Amortization of ADITC (millions) No Change $ 60 – $ 77 Idaho Power O&M Expense (millions) No Change $ 465 –
Slide 31: Historical Earnings Guidance vs. Actual EPS
* Represents the mid-point of IDACORP’s opening EPS guidance – based on normal weather and water conditions. $2.73 $2.88 $3.08 $3.28 $3.48 $3.73 $3.88 $3.98 $4.18 $4.38 $4.55 $4.70 $4.95 $5.05 $5.40 $3.00 (1) $3.43 (1) $3.46 (1) $3.64 $3.85 $3.87 $3.94 $4.21 $4.49 $4.61 $4.69 $4.85 $5.11 $5.14 $5.50
Slide 32: 2025 Integrated Resource Plan
2025 Integrated Resource Plan A-3
Slide 33: All-Time High Summer and Winter System Peak Demand
2,000 2,300 2,600 2,900 3,200 3,500 3,800 1:00 AM 2:00 AM 3:00 AM 4:00 AM 5:00 AM 6:00 AM 7:00 AM 8:00 AM 9:00 AM 10:00 AM 11:00 AM 12:00 PM 1:00 PM 2:00 PM 3:00 PM 4:00 PM 5:00 PM 6:00 PM 7:00 PM 8:00 PM 9:00 PM 10:00 PM 11:00 PM 12:00 AM January 16, 2024 – 2,719 MW July 22, 2024 – 3,793 MW A-4 All
Slide 34: A Strong Generation Portfolio
A Strong Generation Portfolio A-5 * Idaho Power does not own or operate the solar, wind, geothermal, biomass, cogeneration, and certain hydroelectric facilities portrayed on this map. However, the Company buys generation from these facilities under long-term power purchase agreements. ** As of Decem
Slide 35: Tradition of Corporate Responsibility
A-6 Tradition of Corporate Responsibility From our core values to our daily work practices, we hold ourselves to high standards. These standards are set and supported by every level of leadership, with oversight by our experienced Board of Directors. We combine a strategic approach to ensuring effic
Slide 36: Regulatory Commissioners
Regulatory Commissioners A-7 Idaho Commissioner Term Expires Political Party Affiliation Dayn Hardie 2031 Republican John Hammond 2027 Democrat Edward Lodge 2029 Republican Oregon Commissioner Term Expires Political Party Affiliation Karin Power 2029 Democrat Les Perkins 2028 Independent Letha Tawne
Slide 37: Select Recent Regulatory Activity
Select Recent Regulatory Activity Rate Jurisdiction Filing Date Filing Description Annual Revenue Change Status Comments/Status Idaho 6/1/2023 General Rate Case +$54.7 million Settlement Stipulation Approved Settlement stipulation includes a 4.25% average customer rate increase effective January 1,
Slide 38: Experienced and Independent Directors
Experienced and Independent Directors A-9 © - Committee Chair ‡ - Independent Chair of the Board Board Structure and Independence Director Independent Audit Compensation & Human Resources Corp. Gov. and Nominating Executive Odette C. Bolano ✓ ✓ Annette G. Elg ✓ © ✓ ✓ Lisa A. Grow © Judith A. Johanse
Slide 39: Recent Safety Performance
A-10 Recent Safety Performance Awarded EEI inaugural Thomas F. Farrell, II Safety Leadership and Innovation Award in 20220.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 10-Yr Avg. 2018 2019 2020 2021 2022 2023 2024 2025 OSHA Recordable Rates National Average* EEI Idaho Power *National Average not yet availa
Slide 40: Our Commitment to Our Customers
My Account Our Commitment to Our Customers(1) A-11 Standard Measurement Idaho Power National Average* Average Number of Outages (System Average Interruption Frequency Index) 1.09 1.38 Average Duration of Outages (System Average Interruption Duration Index) 2.20 hours 5.70 hours Average Time Until Re
Slide 41: Our Commitment to Our Employees
A-12 We work together. We build together. We stand together. Throughout Idaho Power’s 100-year history, our skilled and dedicated employees have remained the foundation of our company. They fulfill our commitments to customers, shareowners and each other today and every day. Idaho Power provides com
Slide 42: Micron Expansion Drives Further Growth
Micron Expansion Drives Further Growth • In early October 2023, Micron Technology, Inc. initiated construction on its new ~$15 billion memory manufacturing fab in Boise, Idaho • Idaho Power has also commenced construction of the new 15- acre CHIP substation to support Micron’s expansion • New cleanr
Slide 43: Hells Canyon Relicensing
• Three-dam complex on the Snake River, along Idaho and Oregon border • Original license expired in 2005 • Annual license renewal since original expiration • Settlement order received in 2018 approving cost prudency of $216.5M • Currently collecting $8.8 million of AFUDC annually as deferred revenue
Slide 44: Boardman-to-Hemingway
• Idaho Power’s interest in Boardman-to-Hemingway is ~45% • Idaho Power to provide transmission service to BPA’s customers across Southern Idaho • Expected in-service date – late 2027 • Capacity – 1,000 MW east to west; 1,050 MW west to east • Total project cost estimated between approximately $1.5
Slide 45: Gateway West High-Voltage Transmission Line Project
Gateway West High-Voltage Transmission Line Project A-16 • A joint project between Idaho Power and PacifiCorp • Total cost for Idaho Power’s share of project in the range of $900 million to $1.1 billion, including AFUDC • Record of decision issued in November 2013 (excluding segments 8 and 9) • Reco
Slide 46: Contact Information
Contact Information WWW.IDACORPINC.COM WWW.IDAHOPOWER.COM John R. Wonderlich Investor Relations Manager (208) 388-5413 JWonderlich@idahopower.com A-17